The total volume of climate investments in Central and West Asia currently amounts to approximately $186 billion. This was announced by the General Director of the ADB for Central and West Asia, Yevgeny Zhukov, at a special session during the 57th Annual Meeting of the ADB.
According to him, in order to mobilize private sector capital, it is necessary to prepare the potential for the implementation of high-quality social projects with a focus on climate. At the same time, the Asian Development Bank is currently working on establishing a donor fund for the preparation of climate and sustainability projects within the Central Asian Regional Economic Cooperation (CAREC) program.
"High transport and trade costs make diversification very low in our region. CAREC countries are heavily dependent on trade and fossil fuels, which contribute to greenhouse gas emissions and environmental degradation," said Yevgeny Zhukov.
The ADB is considering the possibility of incorporating trade into climate solutions.
"Critically important elements, of which there are many in the CAREC region, can play a significant role in the achievements of renewable energy and contribute to the development of clean technologies ranging from wind turbines, solar panels, electric vehicles, and battery storage," believes Yevgeny Zhukov.
He also reminded that CAREC countries must accelerate reforms in simplifying trade and logistics procedures to promote sustainable value chains. Full digitalization of trade processes in the CAREC region will help reduce carbon emissions by 13 million tons.
